First Republic Bank plunged 90% on May 3, and Standard & Poor's further downgraded First Republic Bank's junk credit rating on Tuesday after regulators took over the bank and sold its assets to JPMorgan Chase. S&P downgraded the bank's rating to "CC" from "B +" and said it expects First Republic's default to be "almost certain" (Note: First Republic's code has been changed, from FRC to FRCB. First Republic is trading on pink sheet!) S&P said that since JPMorgan assumes the vast majority of First Republic's assets, given the insufficient remaining asset base, it is highly likely that the bank will be in...
Web link
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Comments